Commodities
Brent Crude Oil Eyes New Resistance at $106.70
Brent crude oil prices have been trending upwards since their reversal from the pivotal support level of $94.85, which has been acting as a barrier to price declines since May.
The upward momentum started a new impulse wave iii, which is part of a higher-order impulse wave C that began in August.
Given the established multi-month uptrend, analysts expect Brent crude oil prices to continue rising towards the next resistance level of $106.70, which previously halted minor impulse wave i at the start of this month.